Cryptocurrency Exchanges Turn Away From Not So Crypto Friendly Japan and Hong Kong

The crackdown on cryptocurrencies and their trading by Financial Services Agency in Japan has not been a new piece of information. The country has been applying stringent regulations to minimize the use of cryptocurrencies so as to save people from the threat of activities like Bitcoin theft, money laundering and other cryptocurrency scams.

The $532 million hack of crypto exchange called Coincheck, which was by far one of the biggest single cryptocurrency exchanges hack in the history of cryptocurrency in January 2018 made it worse.

Kraken, a San Francisco-based exchange, in April announced that it will stop offering its services to residents of Japan. The exchange will cease accepting deposits from the country, one of the biggest markets for digital coin trading, around the middle of this month. Kraken said,

“Suspending services for Japan residents will...

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This article was first published on: Latest Crypto News